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Crypto firm Fasset partners with Mastercard as it expands its services in Indonesia

The partnership aims to provide locals more access to digital technology and help improve financial inclusion in the country.

Jakarta, Indonesia / Image by: Wikimedia Commons

Thu, 14 Jul 2022, 12:01 pm UTC

Crypto gateway provider Fasset has partnered with payments giant Mastercard to expand its financial services offerings in Indonesia. The partnership aims to provide locals more access to digital technology and help improve financial inclusion in the country.

Indonesia has one of the highest crypto adoption rates in the world with around 41 percent of the population owning digital currencies such as Bitcoin (BTC) and Ethereum (ETH). However, 92 million or around 33 percent of the country’s population of 275 million remains unbanked as of 2021, making it a very attractive destination for firms offering financial services.

“Our partnership seeks to lower the barriers to digital finance and drive greater opportunities to benefit from the use of emerging financial services,” Hendra Suryakusuma, an executive at Fasset, told Cointelegraph. The executive added that Fasset’s partnership with Mastercard could promote financial inclusion by bringing better access to digital financial services.

Suryakusuma also added that access to digital financial services could further push crypto adoption in the country and positively impact the broader crypto ecosystem. “The implications on the industry are greater legitimization of crypto assets, their use cases, and areas of applications,” he further explained.

Meanwhile, Navin Jain, the country manager for Mastercard Indonesia, announced that the payments giant will supports Fasset's efforts to advance financial inclusion within the country. The exec explained that access to digital financial services is becoming increasingly important as people are now more reliant on digital banking services and financial technologies.

“The world is changing at an unprecedented rate,” Navin Jain said in an announcement, TechInAsia.com reported. “With more people relying on digital assets and technologies to become resilient, there is a need for key players in the public and private sectors to come together to create solutions that can lead to new opportunities and solutions for wider financial inclusion.”

The crypto firm Fasset was founded in 2019 and is headquartered in the U.K. Built on the Ethereum blockchain, it offers access to digital assets trading such as Bitcoin (BTC) and Ether (ETH) and mainly targets users in emerging markets.

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